A UNIT of Manila Water Co., Inc. has signed a memorandum of understanding (MoU) with the International Finance Corp. (IFC) to explore opportunities to provide water, used water and environmental services in Southeast Asia and the Asia Pacific, the Ayala-led company said on Wednesday.
The subsidiary, Manila Water Asia Pacific Pte. Ltd., and IFC plan to jointly identify, evaluate, develop and implement projects that will benefit areas that urgently need sustainable water solutions.
“Manila Water plans to expand in South East Asia region having established a solid position in Vietnam as well as strategic inroads in Bandung and Yangon,” said Virgilio C. Rivera, Jr., president and chief executive officer of Manila Water Asia Pacific, in a statement.
“We hope to further leverage IFC’s regional network as we assess these new markets as well as engage new partners. We will continue to rely on IFC’s guidance on how to navigate these new markets,” added Mr. Rivera.
He noted IFC, the World Bank investment arm, had played a “catalyst role” during the initial years of Manila Water’s concession in Metro Manila’s east zone by providing debt financing and taking an equity position.
The company said IFC brings into the partnership its support in promoting sustainable private sector investment and forging ties to improve the lives of people in impoverished communities in developing countries.
“IFC will identify opportunities, as well as the prospective governmental entities, local partners, and project owners to whom Manila Water Asia Pacific may work and share their technical expertise,” it said. — Victor V. Saulon
